The U.S. Securities and Exchange Commission (SEC) has continued to drag its feet over approving a bitcoin exchange-traded fund (ETF).
SEC a depus un dosar a observa on Sept 8 stating that it has now designated Nov 14 as the date that it will either approve or disapprove a proposed rule change that will allow the listing and trading of shares of the VanEck Bitcoin Încredere.
There was very little explanation given for this latest round of procrastination other than some jargon about issues raised in comment letters;
„Comisia consideră că este oportun să desemneze o perioadă mai lungă în care să emită un ordin de aprobare sau de respingere a propunerii de modificare a regulilor, astfel încât să aibă suficient timp să ia în considerare modificarea propusă a regulilor și problemele ridicate în scrisorile de comentarii care au fost transmise. în legătură cu aceasta,”
Crypto ETFs on the backburner
The Chicago Board Options Exchange (CBOE) BZX Exchange proposed the rule change to permit the listing of Bitcoin ETF shares on March 1, 2021. The SEC waited until April 28 before announcing its first postponement and then referred to the Securities Exchange Act of 1934 so that it could have 180 days to make a decision.
That was due to expire on Sept 15 so the financial regulator has requested a further 60 days to delay the decision.
The stalling has been going for two years since the CBOE first partnered with VanEck and SolidX to apply for a rule change proposal from the SEC. VanEck and SolidX applied for a “limited” BTC fund in September 2019 that would only be available to a very small group of established financial firms.
The original Bitcoin ETF filing by the two companies goes back even further to iunie 2018. This was withdrawn the following year after more SEC stonewalling in favor of the limited fund.
VanEck tried again in December 2020 with another Bitcoin Trust application that the SEC has put on the permanent back burner. In August 2021, VanEck filed for an Ethereum contracte futures fund listing but withdrew the filing just a few days later.
O lungă așteptare
In light of the regulator’s recent threats of legal action towards Coinbase, it is unlikely a crypto ETF product will be approved this year or under the current anti-crypto administration.
In early August, SEC Chair Gary Gensler a spus that he anticipated more crypto ETF filings before adding:
“I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded Bitcoin futures.”
Given the latest repeated postponement, that statement appears to be nothing but more hot air.
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Source: https://beincrypto.com/sec-postpones-vaneck-bitcoin-etf-decision/
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